Retailers losing business to Amazon have a new tool they can use to learn more about the way customers shop.
Think tank Fung Global Retail & Techology and business intelligence provider Prosper Insights & Analytics have developed a new service that aims to help retailers and investors better understand the threat Amazon poses to their businesses and shopper behavior.
The companies said their Amazon Shopper Intelligence Service combines Fung Global’s analysis and commentary with side-by-side input from thousands of U.S. shoppers from Prosper. They said data will be updated every month and new analysis will be added weekly.
The Amazon service offers more than 10 years of data on shoppers, information on specific product categories and maps that plot out where consumers are spending.
Providing an example of the research that makes up part of the service, the companies provided an example of how Fung Global examined midprice women’s apparel retailers to see how Amazon is faring. Fung Global said it concluded that Macy’s is gaining market share as of October while it seems that Gap Inc., J.C. Penney Co. Inc. and Kohl’s Corp. have lost ground to Amazon.
Amazon posted strong third-quarter sales growth but profits came in below expectations as it continued to spend on shipping infrastructure to control its distribution and reduce delivery times.
The company’s net profit rose to $252 million, or 52 cents a diluted share, from $79 million, or 17 cents, a year ago. Revenue for the quarter ended Sept. 30 increased 29 percent to $32.7 billion from $25.4 billion.
Amazon’s chief financial officer, Brian Olsavsky, stressed the importance of fashion and apparel to the company’s business.
“We continue to make it easier for brand manufacturers to come on board in that category…and we’re happy with the traction we’re seeing with these brands, and as we get more and more selection, we are really pleased with the customer engagement that we have there, both in terms of discoverability and the technology that goes behind making it easier to shop.”